Cost forecasting methods are the processes by which businesses try to predict what their future costs may be. By utilizing cost forecasting, companies can budget for these costs and make sure they’re prepared for them when they arrive. Cost forecasting involves careful analysis of historical data to predict future trends, as well as accounting for potential shifts in the economy or other external factors. It’s essential for businesses to stay on top of their cost forecasting to ensure that their budgets remain accurate and up-to-date.